"In order to develop our banking cooperation, it is necessary to establish an Islamic bank, jointly Russian with some other Arab countries or Bahrain, this is becoming a very relevant task nowadays," Saati told Rossiya-24 television channel in an interview.
The issue of establishing an Islamic bank in Russia jointly with several Arab countries will be discussed at the Russian-Bahraini business council in Sochi on Wednesday, RIA Novosti reported.
Islamic banking stipulates abiding by the rules of Islam, including a prohibition on accepting interest or fees for loans. It is also prohibited to invest in alcohol- or gambling-related products or services.
In March, Russian media reported that two Islamic banks, Al Baraka and Al Shamal, were in talks with Russian credit organizations to enter their capital market.
